The number of completed Mortgages is down by 52%

The Council of Mortgage Lenders figures show that mortgage lending has fallen for another month from 32,400 mortgages completed in December, 2008 to 23,400 in January, 2009. The number of competed mortgages is down by 52% on January 2008 when 48,600 mortgages were completed. Money is still tight and the banks still have little appetite to lend and the thought of a quick mortgage can only be a dream at the moment. Although there is a glimmer of light flickering through the dark tunnel as banks start to drop their rates to around the 4% to 5% mark for a two or three year fixed rate.

If you are one of the millions of people who need a mortgage or a remortgage over 75% loan-to-value and you have missed a credit card or loan payments in the last twelve months, then I am afraid to say that these new rates are not available to you. But other interest rates around the 9.89% mark are available for anyone with a missed payment. God forbid that you have arrears, defaults and or a county court judgement then you will find it impossible to find a mortgage or remortgage.

The Halifax released their latest house price index, which has shown a 17.7% fall in house prices in the past year. They reckon that the average house price has fallen by £94.87 a day during 2008. Let’s hope that house prices have reached the bottom and that they will now stabilise.

Your thoughts, experiences and comments are welcome. You can join this discussion below and leave your thoughts and experiences.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Tags: average house price, Council of Mortgage Lenders, house price, house price index, house prices, Mortgage, mortgage lenders figures, Mortgages, one of the millions, the number of completed mortgages is down by 52

This entry was posted on March 23, 2009 at 9:17 am and is filed under Advice and Information, Credit Crunch, Mortgage Market, Recession, Remortgaging in todays market. You can follow any responses to this entry through the RSS 2.0 feed.

3 Responses to The number of completed Mortgages is down by 52%

The number of completed Mortgages is down by 52% on March 23, 2009 at 11:16 am

[...] Random Feed wrote an interesting post today onHere’s a quick excerptThe number of completed Mortgages is down by 52% The Council of Mortgage Lenders figures show that mortgage lending has fallen for another month from 32,400 mortgages completed in December, 2008 to 23,400 in January, 2009. The number of competed mortgages is down by 52% on January 2008 when 48,600 mortgages were completed. Money is still tight and the banks still have little appetite to lend and the thought of a quick mortgage can only be a dream at the moment. Although there is a glim [...]
loans on October 26, 2009 at 1:38 am

Great blog! I posted some comments before anyway, because a lot of your stuff is really great.
moneyman on November 1, 2009 at 2:29 am

Hi, I recently found your blog and have been visiting it regularly. I think your way of thinking is verry good. keep up the good work.